Constellation Brands Reports Better-Than-Expected Q1: Details

Benzinga07-01 04:21

Constellation Brands Inc. (NYSE:STZ) posted its first-quarter results after Tuesday’s closing bell, beating consensus estimates on the top and bottom lines. Here’s a look at the details inside the report.

STZ stock is moving. Watch the price action here.

Constellation Brands Q1 Details

Constellation Brands reported quarterly earnings of $3.43 per share, which beat the consensus estimate of $3.21 by 6.85%, according to Benzinga Pro data.

Quarterly revenue clocked in at $2.43 billion, which beat the Street estimate of $2.39 billion.

“I see significant runway to continue growing our leading brands with an even greater emphasis onunderstanding consumer occasions and relevance — increasingly looking at our business through the lens of when, where and why consumers are choosing our brands,” said CEO Nicholas Fink.

“I believe Modelo Especial continues to have a significant opportunity ahead of it, supported by both distribution expansion and relatively low unaided awareness for a brand of its scale. With Corona Extra, we are focused on driving excitement and engagement with one of the highest brand equity and most loved brands in the industry,” Fink added.

Read Also: Elon Musk's X Money — New Details On The Bank Killer Super App

Looking Ahead

Constellation Brands affirmed its fiscal year adjusted EPS guidance of $11.20 to $11.90, versus the $11.75 analyst estimate.

STZ Stock Price Activity: According to data from Benzinga Pro, Constellation Brands stock was up 2.09% to $142 in Tuesday’s extended trading.

Photo: Shutterstock

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